Egypt’s capital market earns EGP25 billion after interest rate hikes

Egyptian stock exchange (EGX) indices rose on Thursday’s trading session and the market capital gained 25 billion Egyptian pounds ($1.1 billion), following the Central Bank of Egypt‘s (CBE) decision to increase key interest rates by 200 basis points.

EGX30 main index increased by 4.34 percent to reach the level of 11011 points and EGX70 index of small and medium-sized companies hiked by 1.69 percent to reach the level of 2263 points.

While, EGX100 index jumped to 2.29 percent to reach the level of 3269 points, respectively, while the market capitalisation of the shares listed in the cabinet market rose to 745.165 billion pounds.

Early this morning, the Monetary Policy Committee (MPC) has decided to raise the overnight deposit and lending rates in its extraordinary meeting.

The central bank’s MPC has set the overnight lending rate at 14.25 percent and the overnight deposit rate at 13.25 percent, it said in a statement.